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A S I A P A C I F I C N E W SChevron Announces FourthQuarter 2019 Resultsthe year-ago period.Chevron Corporation(NYSE: CVX) todayreported a loss of$6.6 billion ($(3.51)per share - diluted) for fourthquarter 2019, compared withearnings of $3.7 billion ($1.95per share - diluted) in the fourthquarter 2018. Included in thecurrent quarter were previouslyannounced upstream impairmentsand write-offs totaling $10.4billion associated with Appalachiashale, Kitimat LNG, Big Foot andother projects. The company alsorecognized a $1.2 billion gain onthe sale of the U.K. Central NorthSea assets in the fourth quarter.Foreign currency effects decreasedearnings in the fourth quarter2019 by $256 million.Full-year 2019 earnings were $2.9billion ($1.54 per share - diluted),compared with $14.8 billion($7.74 per share - diluted) in 2018.Included in 2019 were net chargesfor special items of $8.7 billion,compared to net charges of $1.2billion for special items in 2018.Foreign currency effects decreasedearnings in 2019 by $304 million.Earnings excluding specialitems and FX reflect net income(loss) excluding special itemsand foreign currency effects.For a reconciliation of earningsexcluding special items and FX,see Attachment 5.Sales and other operating revenuesin fourth quarter 2019 were $35billion, compared to $40 billion in“Cash flow from operationsremained strong in 2019, allowingthe company to deliver on all ourfinancial priorities,” said MichaelK. Wirth, Chevron’s chairmanof the board and chief executiveofficer. “We paid $9 billion individends, repurchased $4 billionof shares, funded our capitalprogram and successfully capturedseveral inorganic investmentopportunities, all while reducingdebt by more than $7 billion.Earlier this week, we announceda quarterly dividend increaseof $0.10 per share, reinforcingour commitment to growingshareholder returns.”“Organic capital spending heldflat at $20 billion in 2019, furtherdemonstrating our commitmentto capital discipline. Within thisprogram, we continued the rampupof the Permian Basin in Texasand New Mexico and progressedour Future Growth Projectat the company’s 50 percentownedaffiliate, Tengizchevroil,in Kazakhstan. For the first timein the company’s history, annualproduction exceeded 3 millionbarrels per day of oil equivalent,”Wirth added.56
The company addedapproximately 494 million barrelsof net oil-equivalent provedreserves in 2019. These additions,which are subject to final reviews,are net of reductions associatedwith the company’s decisionsto reduce funding for variousgas-related opportunities andasset sales. The largest additionswere from the LNG Projects inAustralia and deepwater fields inthe Gulf of Mexico. The companywill provide additional detailsrelating to 2019 reserve additionsin its Annual Report on Form10-K scheduled for filing with theSEC on February 21, 2020.Significant downstreamdevelopments in 2019 includedthe acquisition of the Pasadenarefinery in Texas, and the signingof a conditional agreement toacquire a network of terminalsand service stations in Australia.Additionally, Chevron PhillipsChemical Company LLC, thecompany’s 50 percent-ownedaffiliate, announced plans tojointly develop petrochemicalprojects in the U.S. Gulf Coast andQatar.57
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GineersNow Construction magazine Apr2020 Safety HSE, hardware, civil engineers, heavy equipment, machinery, BIM, infrastructure, mining, pipes contractor cement building materials tool EPC, contractors

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